快速查题-ACCA英国注册会计师试题

PF purchased a quota for carbon dioxide emissions for $15,000 on 30 April 20X6 and capitalised it as an intangible asset in its statement of financial position. PF estimates that the quota will have a useful life of 3 years.

What is the journal entry required to record the amortisation of the quota in the accounts for the year ended 30 April 20X9

What is the purpose of amortisation?

Which of the following items (that all generate future economic benefits, and whose costs can be measured reliably), is an

intangible non-current asset?

1 Computer hardware owned by a business

2 Operating software that operates the computer hardware in (1)

3 A patent bought by a business

4 An extension to an office building owned by a business

A company receives rent for subletting part of its office block.Rent, receivable quarterly in advance, is received as follows:

Date of receipt                          Period covered                                                                $1

October 20X1                            3 months to            31 December 20X1                          7,500

30 December 20X1                   3 months to            31 March 20X2                               7,5004

April 20X2                                  3 months to           30 June 20X2                                  9,0001

July 20X2                                   3 months to           30 September 20X2                        9,0001

October 20X2                            3 months to            31 December 20X2                          9,000

What figures, based on these receipts, should appear in the company's financial statements for the year ended 30 November 20X2?

Statement of profit or loss                   Statement of financial position

A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 October each year. The rent was increased from $90,000 per year to $120,000 per year as from 1 October 20X2.

What rent expense and accrual should be included in the company's financial statements for the year ended 31 January

20X3?

Rent expense         Accrual

$                                $

Evans Co purchased a machine with an estimated useful life of 10 years for $76,000 on 30 September 20X5. The machine

had a residual value of $16,000.What are the ledger entries to record the depreciation charge for the machine in the year

ended 30 September 20X8?

Banter Co purchased an office building on 1 January 20X1. The building cost was $1,600,000 and this was depreciated by the straight line method at 2% per year, assuming a 50-year life and nil residual value. The building was re-valued to $2,250,000

on 1 January 20X6. The useful life was not revised. The company!s financial year ends on 31 December.

What is the balance on the revaluation surplus at 31 December 20X6?

A company purchased an asset on 1 January 20X3 at a cost of $1,000,000. It is depreciated over50 years by the straight line method (nil residual value), with a proportionate charge for depreciation in the year of acquisition and the year of disposal. At

31 December 20X4 the asset was re-valued to $1,200,000. There was no change in the expected useful life of the asset.The

asset was sold on 30 June 20X5 for $1,195,000.

What profit or loss on disposal of the asset will be reported in the statement of profit or loss of the company for the year ended 31 December 20X5?

According to IAS 38 Intangible assets, which of the following statements concerning the accountingtreatment of research and development expenditure are true?

1 Development costs recognised as an asset must be amortised over a period not exceeding five years.

2 Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as

incurred.

3 In deciding whether development expenditure qualifies to be recognised as an asset, it is necessary to consider whether

there will be adequate finance available to complete the project.

4 Development projects must be reviewed at each reporting  date, and expenditure on any project no longer qualifying for

capitalisation must be amortised through the statement of profit or loss and other comprehensive income over a period no exceeding five years.

According to IAS 38 Intangible assets, which of the following are intangible non-current assets in the financial statements of

Iota Co?

1 A patent for a new glue purchased for $20,000 by Iota Co

2 Development costs capitalised in accordance with IAS 383 A licence to broadcast a television series, purchased by Iota Co

for $150,0004 A state of the art factory purchased by Iota Co for $1.5million